Download PDF

1. Company Snapshot

1.a. Company Description

Boyd Gaming Corporation, together with its subsidiaries, operates as a multi-jurisdictional gaming company.It operates through three segments: Las Vegas Locals, Downtown Las Vegas, and Midwest & South.As of December 31, 2021, the company operated 28 gaming entertainment properties located in Nevada, Illinois, Indiana, Iowa, Kansas, Louisiana, Mississippi, Missouri, Ohio, and Pennsylvania.


It also engages in owning and operating a travel agency.The company was founded in 1975 and is headquartered in Las Vegas, Nevada.

Show Full description

1.b. Last Insights on BYD

Boyd Gaming Corporation's recent performance was positively driven by its Q3 earnings beat, with quarterly earnings of $1.72 per share, exceeding the Zacks Consensus Estimate of $1.57 per share. The company's strong fundamentals and growth prospects have led to increased stakes from investors, including Edgestream Partners L.P., which raised its stake by 59.7%. Additionally, the company's quarterly dividend of $0.18 per share, announced on December 4, 2025, is expected to attract income-seeking investors. Analysts have a consensus rating of "Hold" on the stock, with five assigning a buy recommendation. Boyd Group Services Inc. also amended its revolving credit facilities to increase its borrowing capacity.

1.c. Company Highlights

2. Boyd Gaming's 2025 Earnings: A Strong Year with Record Revenues and Margin Expansion

Boyd Gaming Corporation reported a successful 2025, with record company-wide revenues and EBITDAR of approximately $1.4 billion, resulting in property-level margins of 40%. The company's earnings per share (EPS) came in at $2.21, beating analyst estimates of $1.88. The strong financial performance was driven by growth in gaming revenues, particularly in the Las Vegas Local segment, which saw an increase in play from core customers. The company's cash proceeds from its FanDuel ownership interest were nearly $1.8 billion, which was used to reduce leverage below 2x.

Publication Date: Feb -09

📋 Highlights
  • Record Financial Performance:: Boyd Gaming achieved record company-wide revenues, $1.4B EBITDAR, and 40% property-level margins in 2025.
  • Shareholder Returns:: Returned $836M to shareholders in 2025, reducing share count by 11% via $778M in buybacks and $58M in dividends.
  • Deleveraging:: Cash proceeds from FanDuel stake ($1.8B) reduced leverage to 1.7x (lease-adjusted 2.2x), below 2x target.
  • Capital Commitments:: Plans $650–700M in 2026 capex, with online segment EBITDAR at $63M and managed business projecting $110–114M.
  • Regional Growth Drivers:: Las Vegas locals market remains strong (50%+ margins), while Midwest/South benefits from non-gaming investments and tax bill-driven consumer spending.

Segment Performance

The Las Vegas Local segment saw growth in gaming revenues, driven by strong play from core customers, and expects to benefit from new investments, including the opening of Cadence Crossing and the completion of the Suncoast modernization project. The Midwest and South segment benefited from growth in play from core and retail customers and expects to benefit from recent investments in non-gaming amenities. The online segment achieved EBITDAR of $63 million and is projected to generate $30 million to $35 million in 2026.

Capital Allocation and Leverage

Boyd Gaming returned more than $800 million to shareholders in 2025, reducing its total share count by 11%. The company plans to maintain repurchases of approximately $150 million per quarter, supplemented by a regular quarterly dividend, equating to more than $650 million per year. As of year-end 2025, the company's total leverage was 1.7 times and lease-adjusted leverage was 2.2x. The company's balance sheet is robust, and they are open to M&A opportunities, but only if they meet their disciplined approach criteria.

Valuation and Growth Prospects

With a P/E Ratio of 3.55 and an EV/EBITDA of 3.14, the market appears to have priced in a reasonable level of growth for Boyd Gaming. Analysts estimate next year's revenue growth at 2.7%. The company's strong financial performance, combined with its commitment to returning capital to shareholders and investing in its properties, positions it for continued success. The company's ROIC of 12.01% and ROE of 105.36% indicate a high level of profitability.

Outlook and Risks

The company sees uncertainty around destination business turnaround but expects the Las Vegas locals market to continue growing, with margins above 50%. They anticipate benefits from Cadence coming online and a positive consumer impact from tax benefits in Las Vegas. However, the company is not immune to risks, including weather impacts and potential changes in consumer spending habits.

3. NewsRoom

Card image cap

Boyd Gaming: 2026 Is The Investment Year

Feb -08

Source: seekingalpha.com

Card image cap

Allianz Asset Management GmbH Boosts Stake in Boyd Gaming Corporation $BYD

Feb -07

Source: defenseworld.net

Card image cap

Boyd Gaming Q4 Earnings & Revenues Beat Estimates, Increase Y/Y

Feb -06

Source: zacks.com

Card image cap

Boyd Gaming Q4 Earnings Call Highlights

Feb -06

Source: defenseworld.net

Card image cap

Boyd Gaming Corporation (BYD) Q4 2025 Earnings Call Transcript

Feb -06

Source: seekingalpha.com

Card image cap

Boyd (BYD) Q4 Earnings: How Key Metrics Compare to Wall Street Estimates

Feb -06

Source: zacks.com

Card image cap

Boyd Gaming (BYD) Surpasses Q4 Earnings and Revenue Estimates

Feb -05

Source: zacks.com

Card image cap

BOYD GAMING REPORTS FOURTH-QUARTER, FULL-YEAR 2025 RESULTS

Feb -05

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.87%)

6. Segments

Midwest & South

Expected Growth: 0.8%

Midwest & South segment of Boyd Gaming Corporation, with 0.8% growth, is driven by increasing tourism in regional markets, steady gaming revenue, and strategic marketing initiatives. Additionally, the segment benefits from a loyal customer base, efficient operations, and a strong brand presence, contributing to its moderate growth.

Las Vegas Locals

Expected Growth: 0.9%

Boyd Gaming's Las Vegas Locals segment growth of 0.9% is driven by increasing visitation and gaming spend from locals, supported by a strong local economy, low unemployment, and rising consumer confidence. Additionally, Boyd's focus on enhancing the gaming experience, improving amenities, and targeted marketing efforts have contributed to the segment's growth.

Online

Expected Growth: 1.2%

Boyd Gaming Corporation's online segment growth of 1.2% is driven by increasing adoption of online gaming, strategic partnerships, and expansion into new markets. Additionally, investments in digital marketing and user experience enhancements have improved customer engagement and retention. Furthermore, the company's focus on mobile gaming has capitalized on the growing trend of mobile-first gaming, contributing to the segment's growth.

Downtown Las Vegas

Expected Growth: 0.7%

Boyd Gaming's Downtown Las Vegas segment growth of 0.7% is driven by increasing visitation and length of stay, fueled by the area's revitalization efforts, new entertainment options, and improved amenities. Additionally, the company's focus on customer loyalty programs and targeted marketing initiatives have contributed to the growth.

Managed & Other

Expected Growth: 0.9%

Boyd Gaming's Managed & Other segment growth of 0.9% is driven by increased management fees from Ameristar Casino Hotel Kansas City and Belterra Park, as well as higher revenue from its travel agency and interactive gaming businesses. Additionally, the company's focus on cost savings initiatives and operational efficiencies also contributed to the segment's growth.

7. Detailed Products

Casino Gaming

Boyd Gaming Corporation operates a wide range of casinos across the United States, offering a variety of games, including slots, table games, and poker.

Hotel Accommodations

Boyd Gaming offers luxurious hotel rooms and suites at its properties, providing guests with comfortable and convenient accommodations.

Dining and Entertainment

Boyd Gaming's properties feature a range of dining options, from fine dining to casual eateries, as well as entertainment venues, such as theaters and nightclubs.

Sports Betting

Boyd Gaming offers sports betting at its properties, allowing customers to place wagers on various sports and events.

Online Gaming

Boyd Gaming offers online gaming platforms, allowing customers to play casino games and place sports bets from the comfort of their own homes.

8. Boyd Gaming Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Boyd Gaming Corporation is medium due to the presence of alternative forms of entertainment and leisure activities.

Bargaining Power Of Customers

The bargaining power of customers is low due to the lack of negotiating power and the high switching costs associated with changing gaming and entertainment providers.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of multiple suppliers and the moderate level of dependence on these suppliers.

Threat Of New Entrants

The threat of new entrants is high due to the relatively low barriers to entry and the attractiveness of the gaming and entertainment industry.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of multiple competitors and the high level of competition in the gaming and entertainment industry.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 63.35%
Debt Cost 5.58%
Equity Weight 36.65%
Equity Cost 12.18%
WACC 8.00%
Leverage 172.83%

11. Quality Control: Boyd Gaming Corporation passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Boyd Gaming

A-Score: 6.0/10

Value: 6.5

Growth: 7.2

Quality: 6.5

Yield: 1.0

Momentum: 7.0

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Vail Resorts

A-Score: 5.6/10

Value: 4.0

Growth: 5.9

Quality: 6.4

Yield: 8.0

Momentum: 3.0

Volatility: 6.7

1-Year Total Return ->

View Full Report
Stock-Card
Wynn Resorts

A-Score: 5.2/10

Value: 5.6

Growth: 6.1

Quality: 4.7

Yield: 1.0

Momentum: 8.0

Volatility: 5.7

1-Year Total Return ->

View Full Report
Stock-Card
Churchill Downs

A-Score: 4.7/10

Value: 4.3

Growth: 8.9

Quality: 5.5

Yield: 0.0

Momentum: 1.5

Volatility: 7.7

1-Year Total Return ->

View Full Report
Stock-Card
Marriott Vacations Worldwide

A-Score: 4.6/10

Value: 7.4

Growth: 5.7

Quality: 4.0

Yield: 6.0

Momentum: 1.0

Volatility: 3.3

1-Year Total Return ->

View Full Report
Stock-Card
MGM Resorts

A-Score: 4.0/10

Value: 4.2

Growth: 7.6

Quality: 2.6

Yield: 0.0

Momentum: 4.0

Volatility: 5.7

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

82.76$

Current Price

82.76$

Potential

-0.00%

Expected Cash-Flows